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Hi Stephen
Usually for Asset Protection I use either a discretionary trust or a hybrid discretionary trust, depending on your investment choices.
What type of investments are you looking at?
CATA
Asset Protection Specialist
[email protected]At the moment i would be just interested in protecing my Cash (I have an online savings account) and within a few short years a house or two.
So basically just Real estate and Cash
Thanks
Stephen
Positive or negative geared, buy and hold, buy and sell,ect.
Investing in property has many different stratagies, and if you structure properly now it will save you restructuring (and lots of money) later.
CATA
Asset Protection Specialist
[email protected]Buying and holding a positivlyneutral geared place is what i would like to aim for. I am interested in using the FHBG living there and lodging the other rooms to people for 6 months (to use the grant i must live their for 6 months within the first 12 months) then once 6 months is over i move out and rent the property outright.
stephen
To use the FHOG you must purchacse the property in you own name.
Using any other entity, you will not get the grant.
Other than this property tho, I would do some research into discretionary trusts. If you need the negative gearing affect, look into hybrid discretionary trusts.CATA
Asset Protection Specialist
[email protected]Cant i use the FHBG to purchase a property in my name and transfer the property into a trust at a later date?
Stephen
Yes after the relevant qualifying period you certainly can but you:
1) Would occur Stamp Duty on the Transfer
2) When sold maybe liable for GCT
3) May trigger a Land Tax liability dependant on which State you are talking about.Richard Taylor
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Wow Stephen your pretty young to be worried about protecting your assets from a realtionship break up. [smiling]
I’ve seen posts on this forum that said that the family law courts “look through” any trusts when splitting assets.
Don’t know if your about to marry or start living together, but wouldn’t a good pre nuptual agreement or the equivelent for a de facto relationship, drawn up by a lawyer versed in family law, do the trick? You could both list the assets you came into the relationship with and agree to keep these out of any property settlement in the event of a break up.
I’m not a lawyer or an expert in this area. It’s just another thought.
Your a great saver. Not too many 17 year old have built up such a nest egg. Well done. [thumbsupanim]
Elka
Pre Nups do little here in Aus.
CATA
Asset Protection Specialist
[email protected]Elka
Just reading through that new trust book now, it seems trusts are fairly safe in family law situations. Though they may not be 100% safe better off with one than not.
Terryw
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